DOOM AND GLOOM is expected from the ABI over the pensions market today, says the Financial Times, as...
DOOM AND GLOOM is expected from the ABI over the pensions market today, says the Financial Times, as the trade body says it will warn ministers their low-earner target market for stakeholder pensions is not being reached.
Part of today's lobbying seems to be about the 1% charge cap on stakeholder pensions again, only the ABI will a slightly more subtle route and warn that sales are falling and employers are often failing to make contributions.
The ABI will argue that raising the price cap will make it possible for insurers to reach the 3m people that the government wants to reach, says the FT.
Isis is said to be pulling out of the bidding for Edinburgh Fund Managers, continues the FT, so who will buy the firm this week has yet to be revealed.
The Mail on Sunday yesterday said it believes EFM will be sold this week, but the FT said the board could not decide what to do when it met at the end of last week.
The FT says Isis has grown "increasingly frustrated" at the protracted decision-making of the EFM board over rival expressions of interest, of which Britannic may be one.
GORDON BROWN will be taking income tax from a record 30.7m people this year - 4.5m more than when he became Chancellor six years ago - says the Daily Telegraph which has obtained figures from the Inland Revenue.
Figures suggest Brown is now taking tax from low-paid workers as the Chancellor has forecast another 1.3m people will pay income tax this financial year compared with last.
Judging by the delay to pay rises in the low-earner sector, making more people pay is likely to have the impact on the Treasury that Brown may be looking for, suggests the Telegraph.
Collins Stewart, the city stockbroker, is in the news again this morning - only this time it's in the FT - after the Mail on Sunday broke news yesterday of dispute with a former employee which has now turned into allegations of insider dealing and blackmail.
A High Court claim form for wrongful dismissal last month by James Middleweek, along with a report submitted to the Financial Services Authority, has been rebuffed by chief executive of Collins Stewart Terry Smith as blackmail after the firm would not pay him £2.4m for the report he was prepared to submit to the FSA.
The FSA has confirmed to the FT that the report was submitted to them and Collins Stewart has filed a report of the alleged blackmail.
The stockbroker firm hired legal specialists Clifford Chance to investigate the allegations but the FT says they were "found to be groundless".
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress